The Internet & Mobile Association of India (IAMAI) said Wednesday it has set up of a fintech convergence council to explore opportunities for collaboration with large financial institutions.
"IAMAI's Fintech Convergence Council will identify opportunities for better collaboration and convergence between the larger Financial Services Institutions across banking, payments, insurance, and investment with its eco-system and Fintech companies," IAMAI said in a statement.
The industry body said that convergence will aim to find solutions to motivate customers use their digital money seamlessly across digital and physical, in any type of transaction.
The Internet & Mobile Association of India, whose members include Google, Facebook, Paytm, Policy Bazaar etc, said the Indian Fintech sector is valued at around USD 50 billion and is currently one of the fastest growing sectors in the country.
The industry body said that the sector diversified with companies pertaining to payments, insurance, lending and investment among others has witnessed a CAGR of around 22 per cent and today stands well.
"However, in spite of the rapid headway, the sector still continues to be highly under penetrated. While this a major challenge, it also presents industry players with a huge opportunity to unlock the untapped market potential," IAMAI said.
Itzcash Managing Director Naveen Surya has been appointed Chairman (non-executive) and Founder and CEO of PolicyBazaar Yashish Dahiya as the Vice-Chairman (non-executive) of the new council.
Disclaimer: No Business Standard Journalist was involved in creation of this content
